Positive News for Fletcher-1

Tap Oil announced today that the total depth for Fletcher-1 well has been reached and preliminary tests show positive presence of hydrocarbons. Located in the Carnarvon Basin offshore Western Australia, the well is 15 kilometers east of the Mutineer oil production facilities.

Drilled to a total depth of 3,000 meters, the Fletcher-1 well targeted oil in a large structural closure in Cretaceous-aged sandstones. Early results show that the well has encountered about 3 meters of net hydrocarbons in the primary objective reservoir section. Future plans are to run wire line logs, followed by a side track to determine further potential and hydrocarbon volumes. Current results are encouraging, and wire line logs will verify the presence and extent of a live oil column.

Tap Oil bought 8.2 percent of the exploration permit WA-191-P from Woodside Energy Ltd. in March of this year. The remaining joint venture partners for the exploration permit include operator Santos Limited at 33.4 percent, Kufpec Australia at 33.4 percent, Nippon Oil Exploration with 25 percent and Tap (Shelfal) Pty Ltd. with 8.25 percent.

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